AP PhotoNew York fiscal picture is even grimmer than previously stated, three new economic reports said Thursday.
City deficits are growing, pension costs rising and more New Yorkers are losing their jobs and homes.
The city must plug an $11.3 billion hole in its budget over the next 2-1/2 years, the Independent Budget Office found, as tax revenues plunge while expenses continue to rise.
The gap is $5 billion bigger than Mayor Bloomberg estimated in November.
City deficit at $11.3B, much worse than what Mayor Bloomberg estimated
We must retain this self-declared financial genius for 4 more years. Only he can pull us out of this financial quagmire. He earns a $1 salary and we got what we paid for.
24 comments:
This isn't a comment about this particular post- however I'll make it anyway. Your white on black background format is a major strain to the eyes- would read much easier if you printed black on white. Second- Queens is not neglected from city funding because of it's transient, diverse community- it's neglected because it doesnt bring the city money. Tourists don't come to NYC to visit Queens- the wealthy and elite don't settle here because it has no monetary draw. It is full of working class citizens. People don't normally choose to live in the boro's- they live in them bc they can't afford manhattan- mainly- the point is tourist dont care about Queens- therefore neither does the the city government.
I like the black background.Its easier on the eyes.The generalizing of people who move to NYC, or especially Queens on this blog is half the time wrong.Comment one is not considering that bloomberg doesnt care about the working class in areas of Queens and will allow any building to become his new developer buddies money making scheme.
A bloomberg article to check out from yesterday in the Village Voice:
Mayor Mike and the Yanks: How Suite It Is
City Hall gift-wraps another present for baseball's richest team
By Tom Robbins
Tuesday, January 6th 2009
The 2009 mayoral campaign begins this month when the richest sports franchise in America puts its hand out for one more bailout. The New York Yankees—strike that—Yankee Global Enterprises LLC, the mega-corporation that controls all things Yankee, has already received $942 million in triple tax-free bonds courtesy of the Bloomberg regime to build its fabulous new stadium on city land where a wonderful tree-shaded park once stood near the Harlem River.
This same "Mayor" -and neighbor of mine, yesterday referred to Social Security as "a Ponzi scheme similar to what Bernie Madoff ran"
Note the "Bernie".
Ethnic loyalty.
So what oh great 'berg-of-bloom would you propose replace this system which has been a failsafe for the elderly and disabled?
I know, more of those Wall Street "Masters of the universe" -four of whom have lost apts in my building due in part to their connivance.
Off with their heads.
Yes Lino more of them will fall suchas you Wall st neighbors and maybe get away with it, trying to send millions of dollars of checks to relatives while they should be locked up and scrubbing floors.
Social security is always ripped to shreds from the die hard conservatives as some welfare.Thats a joke and an attempt on there part to brainwash those who make five times less than them.Working class and disabled people pay into it and should be able to use it in the last 20 years of life or when theres major medical problems.
The conservative campaign against social security dates back to 1936, when Kansas Republican Alf Landon ran against FDR denouncing the program as a "hoax." The Republican platform that year predicted that the fund would be able to pay retirement benefits to only one third of the elderly, dismissing the entire program as containing "nothing but the government's promise to pay."
The prospect of siphoning enormous fees and commissions from social security revenue explains why Wall Street firms, investment banks, insurance companies, and stock brokerages have invested millions in the privatization campaign.
It will not be privatized and gutted by the likes of any of these private gain corporate Republicans or elite Democrats.A Ponzi scheme is bailing out some Wall Street Murdoch fan who played with peoples money and lost his hand at now you see it, now you dont.
You are blaming Bloomberg for the country's economic problems? For the city's deficit, which would be billions more if not for Bloomberg's management and debt paydowns during the previous years? And which would have been less if Sheldon Silver and the state hadn't been so resistant to Bloomberg's proposals?
As for the above commenter - way to show the anti-semitism. Not surprised to get that comment on this site.
The black background is annoying. It is much easier to read text if the colors were reversed.
anyone that doesn't think Social Security is a ponzi scheme is a fool. Face it, there is no lockbox, and retirees are paid SS from newer members in SS.
Note: A ponzi scheme can actually work if you can manage the growth of outgoing to stay equal to the amount of incoming. But that went out the window about 40 years ago.
"You are blaming Bloomberg for the country's economic problems? For the city's deficit, which would be billions more if not for Bloomberg's management and debt paydowns during the previous years?"
Heh - Several reports have mentioned that Bloomberg spent like a drunken sailor during his tenure. Don't know what great management skills he has shown. And he should have been on top of the subprime mortgage problem.
"For the city's deficit, which would be billions more if not for Bloomberg's management and debt paydowns during the previous years?"
Bloomie leaving city in debt up to our eyeballs
Our Commissar For Life spent our money with drunken abandon.
At the state and federal level, the spending was out of control.
The financial industry was required by Carter, Clinton, Blowhard Frank, Finance genius Dodd, Fannie Mae and brother Freddie Mac to dole out money to be guaranteed by us taxpayers to people who never should have been given a dime.
Now these same predators, including the predatory borrowers want to continue with Act II, the destruction of capitalism and democracy in this country.
While we still have the vote and the secret ballot, we have to dump these people and then jail them.
"Save" Social Security by raising the retirement age to 75. And Medicare too.
Here's more fiscal responsibility:
City Spends Almost $40 Million on Two Downtown Lots
Does anyone know if any reporters have asked the Mayor if he or any of his entities ( charities) have or had invested with Bernie Madoff. That would really be something. Mr. Mayor, being such as whiz on econcomic issues where has he invested his monies?
The answer to all our problems is mass suicide. Like the French cat on Madison Avenue and the German cat on the RR trax. Forget SS payments to the old folks. Hand out the Kool Aid en masse. ("gggrrrghh gurgle"). See? how easy it can be?
The answer to all our problems is mass suicide... Hand out the Kool Aid en masse.
Spoken like a true Objectivist.
At election time, VOTE BLOOMBERG OUT OF OFFICE!
He has to go!
PS If they put tolls on the east river crossings....Bloomberg will have gotten his way.
He had already spent lots of $ getting ready for tolls long before Congestion Pricing was sent to Albany. He is so arrogant!
no way 4 more years get this jew out he's killing n.y
At election time, VOTE BLOOMBERG OUT OF OFFICE! He has to go!
A RE tax rebate - when is a return of your money a generious thing - it's your money and the Mayor want you to believe it' his largess. He should simply lower the RE he collects for single family residential homes by the amount of the so called rebate.!
he seeems to destroy and keeps putting more debt on nyc all the while his personal wealth doubles & triples . seems kind of odd but if i were doing the same for the city as i done for myself i would think our fortunes would rise & fall together as i would make the same investments for me and the city. he is the skipper of a sinking ship and he must go
??????????????????????????????????????As for the above commenter - way to show the anti-semitism. Not surprised to get that comment on this site.
Way to cry wolf little man.Thats not going to work for you much longer.
ewe
anyone that doesn't think Social Security is a ponzi scheme is a fool. Face it, there is no lockbox, and retirees are paid SS from newer members in SS.
Note: A ponzi scheme can actually work if you can manage the growth of outgoing to stay equal to the amount of incoming. But that went out the window about 40 years ago.
Dont walk on the sidewalk or drive on the road or retire moron.You dont have the a clue what your talking about at all.Go read your brainwashing ayn rand crap that Wall Street has convinced you that is good for a nice dirty American city.
Wade
The financial industry was required by Carter, Clinton, Blowhard Frank, Finance genius Dodd, Fannie Mae and brother Freddie Mac to dole out money to be guaranteed by us taxpayers to people who never should have been given a dime.
Your so blind sided there guy.10 billion a month to Iraq,6 billion to Columbia,and buckts full to Saudia Arabia and China.
Under this George Bush, the Republicans who had been regarded as the guardians of fiscal probity have become identified with high spending, and across-the-board tax cuts not matched by an equivalent cut in government spending.
As a result, the $200bn surplus inherited by Mr Bush when he took office in 2001 has turned into a projected deficit of almost $500bn for fiscal 2004-05. The worsening has prompted even fellow Republican John McCain to accuse the White House of spending "like a drunken sailor".
*Does anyone know if any reporters have asked the Mayor if he or any of his entities ( charities) have or had invested with Bernie Madoff. That would really be something. Mr. Mayor, being such as whiz on econcomic issues where has he invested his monies?
I bet he has invested with made off.He use to work for NASDAQ.Theres a 99% chance he did.
Bloomberg, the "C.E.O." of New York City, who pushed more middle class out of New York than any other crooked politician in history including Pataki and Guiliani COMBINED by bulldozing over 2 family homes in Queens and Brooklyn for 'Luxury Condo's' THAT NO ONE COULD AFFORD ESPECIALLY NATIVE NEW YORKER'S AND ARE NOW SITTING SILENT AND ROTTING OUR STREETSCAPES NOW, and his very special "dinner friends" have been caught with their golden hands in the Yankees crapper again, this time giving 300 million dollars of our taxes to them as the Yes Network is worth 2 billion dollars this year, all for free box seats and free parking spaces in return.
ANYONE that votes for this crooked bastard for a third (albeit ILLEGAL) term has got to be either a millionaire or severely mentally ill - OR BOTH.
Anyone who denies that this brilliant "C.E.O." did not have his hands in the economic disaster that started with his close personal friends on Wall Street and has now brought down the entire world and will continue to do so for years to come is an asshole.
WAKE THE FUCK UP PEOPLE. IMPEACH THIS FUCK!
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